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Compugen Q2 net loss widens to $3.9 million

NEW YORK, Sept. 5 — Israeli bioinformatics company Compugen (Nasdaq: CGEN) said on Tuesday its second quarter net loss widened to $3.9 million, or 61 cents per basic and diluted share, from $2.0 million, or 34 cents per basic and diluted share, in the year ago period.

The company said its second quarter revenues more than doubled to $1.4 million from $655,000 in second-quarter 1999.

Net losses for the first six months of the year increased to $7.9 million, or $1.24 per basic and diluted share, from $3.5 million, or 59 cents per basic and diluted share, in the same period last year.

Revenues for the first six months of 2000 rose 31% to $2.1 million from $1.6 million for the comparable period in 1999.

Compugen, which has recently repositioned itself as a developer of online bioinformatics tools and proteomics technologies rather than a maker of hardware, includes Pfizer (NYSE: PFE), Human Genome Sciences (Nasdaq: HGSI), and the U.S. Patent and Trademark Office among its customers.

Compugen recently completed two financings, which netted the company more than $82 million. In mid-August the company raised $50 million in an initial public offering that came on the heels of a private placement of approximately $35.4 million.

USB Piper Jaffray, which was one of the underwriters of the IPO, initiated coverage of Compugen on Tuesday with a buy rating.

Also on Tuesday the company said it had released version 2.0 of LabOnWeb, its Internet-based life science research engine.

Compugen was trading up 1/4, or 1.4%, at 18 1/2 in afternoon trading.

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